ICBC wants to hike rates by 4.9%, blames soaring injury claims

[BBMme]

Not again, there goes my discount, or buy a cheaper car
Posted via RS Mobile

[Iceman-19]

[!Yaminashi]

Originally Posted by nabs

Why punish everyone? This is starting to annoy me

We all hate it, but realistically there's nothing we can do but sit back and watch it happen. I love Vancouver.

[BaoTurbo]

Originally Posted by Sunfighter

2009 Range Rover Sport
Full coverage (Burnaby) at 43% with Road Star
$1824 a year

2007 Honda CBR600RR
Full Coverage (Burnaby)
$1332 a year

I got my license in 1998 and (knock on wood) I have NEVER had a claim, scratched my bumper or hit a curb... I drive about 30,000kms a year (sometimes a little more)...

I don't think my rates are absurd at all - but I do dislike the sheer number of injury claims. Cars are safer than ever in history, they are engineered to absorb the energy in a crash and yet personal injury claims continue to climb? Either the sheer number of claims is skyrocketing (which is possible) or we are licensing people who shouldn't be on the road...

Hey its $500 cheaper for a bike. I thought it would be much cheaper seeing as its a bike versus a car. Maybe thats just the general stereotype.

Next year maybe everyone is just going to ride scooters instead

[ImportPsycho]

Originally Posted by jackmeister

LOL, even if you get basic insurance only, its 36 a year, or 3/month.

Ease up on the gas pedal a little and don't brake too hard and you've already saved more than 3 bucks a month in gas/brake maintenance.

increasing little bit a time, slowly, it's not painful, ppl dont complain
just like gas prices, $1.50/L? o well, it's only 10cents more than last year, ease up on gas and dont breake hard, you'll easily save 10cent per litter right?

[tiger_handheld]

So this guy I know started this: https://www.facebook.com/events/158012474398958/

Join and hopefully it might gain some traction!

[dai3yuen]

BC Liberals Using ICBC As Cash Cow, Says Consumer Group

Blame the Liberals more like it....an old article but it's more than relevant to the topic on hand. That money should have been used to offset premium increases or be given back to us.

[Acura604]

OPINION in the PROVINCE re: 4.9% hike


When a government slithers its ever-grasping tentacles into your wallet to take more money from you to pay for government services, most rational people call that a tax hike.

Here in British Columbia, it’s called an auto-insurance premium increase.

But I like to call the ICBC premium-grab what it really is: a tax-hike in disguise.

On Friday, ICBC announced it wants to hike basic auto-insurance rates by 4.9 per cent, blaming an increase in accident claims.

I don’t think it’s any coincidence the auto-insurance monopoly is following that up today by launching a public-awareness campaign around distracted driving.

It’s the evil scourge of texting-at-the-wheel that’s to blame for that jump in your insurance premiums, don’t you see?

ICBC has also blamed an under-performing investment portfolio for cost pressures.

“Investment income has declined in recent years mainly due to low interest rates and volatile equities markets,” said a 2012 government review of ICBC.

Both of these excuses conveniently ignore the other major cost driver at ICBC: all the money it forks over to government in the form of “dividends.”

In 2010, the government siphoned $576 million out of ICBC accounts. The government snatched another $101 million in 2011.

“It’s a stealth tax on drivers,” concludes Jordan Bateman of the Canadian Taxpayers Federation.

“By transferring drivers’ overpayments to government, we are putting more burden on drivers to pay for services for everyone.”

And the pickpocketing of motorists is scheduled to continue for years to come.

“ICBC is forecast to remit $497 million of its excess optional capital to the consolidated revenue fund to support core government services,” the Finance Ministry said in a three-year plan tabled with this year’s budget.

So is this rate hike really about accident claims caused by texting drivers? Is it really because ICBC’s investment managers are picking bad stocks?

Hardly. ICBC — just like B.C. Hydro — has become a heavily lactating cash cow for the government to milk, while claiming they have not raised your taxes!

“The Liberals are increasing taxes, but trying to shift the blame on to a Crown corporation,” said Mable Elmore, the NDP’s critic for ICBC.

“We’re talking hundreds of millions of dollars a year being transferred out of ICBC while premiums continue to go up. They should be re-investing those profits into the corporation.”

While they’re at it, they should rein in the excessive executive salaries at ICBC, too. Drivers should reap the benefits. Instead, they’ll be sheared like sheep by the government.

[Yodamaster]

Private basic insurance plz.